Broken Securities Industry Still Has $20 Billion To Pay In Bonuses

Bloomberg News:

Five straight quarters of losses and a 70 percent slide in its stock this year haven't stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses.

Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable years, have set aside about $13 billion for bonuses after three quarters, down 28 percent from a year ago. Even some employees at Lehman Brothers Holdings Inc., which declared the biggest bankruptcy in U.S. history last month, will get the same bonus they received a year ago.

Read the whole story: Bloomberg News

Comments

[blood1]

This is just another example of how the GOP has failed the American public. When the congress gave full authority to Paulsen, he reacted as a "wall streeter" not a official of the US government and now what we are seeing is that his "negotiation" was more of a give away to Wall Street. It has been reported that the BIG NINE institutions have done nothing to improve the availability of credit downstream.

All I can do is hope the American electorate will voice their opposition to this GOP plan and hope that they do not allocate the remaining balance of the bailout before they leave Washingon.

What may have been missed by many is that Paulsen does not have to report to Congress until AFTER THE ELECTION, so this fraud will stay out of the public eye until after the election. This should be reported on MSM in more ferverent detail so that they will have the opportunity to voice their opinion based on all the facts, not just on spin!

[string-em-up]

String-Em-Up

[mommomde]

Why don't they divide that $20 billion and give each tax paying family a Christmas bonus. It's not like these bonuses are going to create jobs.

I'm not for re-distributing wealth, just re-distributing opportunity. Wall Street should not be rewarded for their abysmal performance.

My tax dollars should be used for creating jobs for US CITIZENS, not for Wall Street to be able to live the high life.

[StillAmused]

It's conditioned behavior... the hogs are accustomed to being slopped regularly.

What immense cojones on these oblivious thieves.

[nirek]

Why is this NOT talked about on CNN, FOX MSNBC, CBS, ABC , NBC????????

[scadabout]

Jail

Theft

Where is the Justice Department?

I don't get it, I, steal a piece of gum, I go to jail. Rob a country.....hang ''em high.

[cheeriogirl]

Paulson, you've got some explaining to do.

[breakingpoint]

when will the democrats stop this practice?

[breakingpoint]

it's not like this is a tsunami that can't be stopped

http://www.youtube.com/watch?v=7LkZSMnIlu8

[tbone99]

Lets see - Bush declared schools that didn't pass their tests would be punished by being allocated less money and having their principals and teachers fired and sent to other schools. Some of these schools were working with kids from limited scholastic exposure and yet he insisted the governmnt would apply the "business model" to schools, punishing failure and rewarding success. ( just a coincidence that it was mostly middle class and above schools that were successes.)

According to the American business model - failing schools would get huge bonuses for failing tests , like investment firms are getting for failing the American investor.
As usual - when it comes to the Repugs -they follow is the " Do as I say , not as I do" model.

[rosiebond007]

OH NOOOOOOOOO - NOT A PENNY TO THOSE CREEPS WHO HAVE DONE SO MUCH DAMAGE WORLDWIDE.
YES, WORLDWIDE - THEY OWE BIG TIME.

[SirReal1]

I hate to point out the obvious, but; If these bonuses get paid out to the executives of corporations that JUST received Government bail outs, the stock-holders didn't get defrauded,

YOU (and your kids, your kids kids, and your kids kids, kids) DID!

[zippywpinhead]

how F'ing bad does it have to get before these cl owns no longer qualify for a bonus?

[watchTVgetSTUPID]

This is criminal white collar crime. The stockholders are being defrauded by the CEOs and the individuals who deliberately set up these "payouts". This is not a payout, it is organized criminal rackateering designed to steal the stockholders' money and give it to the CEO. The others at the top who made this happen also got their cut of the loot.

ENFORCE RICO NOW

[tbone99]

What's RICO ?

[scadabout]

Cops take anything related to the crimes.....house, car, whatever.

[hapiguy]

Americans rise up,,,,lets stop this insane, insulting actions with our money.

[collprof]

The feds gave both these firms $25B each. Ok..we forced them to take it. That means as a stockholder I refuse to pay out $13B in bonuses. Who do I call??